Saturday, July 20, 2024

Louisiana Reports Second Lowest December Unemployment Rate in Series History

by BIZ Magazine

BATON ROUGE, LA – Louisiana’s unemployment data for December 2023, released by the federal Bureau of Labor Statistics, reveals a positive trend for the state. The seasonally adjusted nonfarm employment figure experienced an increase, with 1,973,900 jobs recorded, marking a rise of 3,300 jobs from the revised November 2023 estimate of 1,970,600 jobs.

Compared to December 2022, seasonally adjusted total nonfarm employment exhibited an increase of 37,300 jobs, maintaining a trend of 33 consecutive months with over-the-year gains in nonfarm employment.

In the private sector, Louisiana recorded 1,653,600 jobs for December 2023, reflecting a growth of 2,600 jobs from the November 2023 revised estimate of 1,651,000 jobs. Comparing it to December 2022, seasonally adjusted private sector employment showed an increase of 30,200 jobs, extending the series’ streak of job additions over the year for 33 consecutive months.

The seasonally adjusted unemployment rate for December 2023 stands at 3.7 percent, marking the second-lowest rate in series history for the month of December. Although this reflects a 0.2 percentage point increase from both the revised rate in November 2023 and the rate in December 2022 (3.5 percent), the overall trend remains positive.

Louisiana Workforce Commission Secretary, Susana Schowen, commented on the low unemployment rates, emphasizing the challenges faced by employers in filling open positions. Schowen stated, “We stand ready to help our industry partners find the candidates they’re looking for, and the local American Job Centers across the state help our people find pathways to excellent jobs.”

The number of seasonally adjusted employed individuals for December 2023 is 2,009,932, marking the third-highest number for the month of December in the series. Although this shows a decrease of 4,184 individuals from the November 2023 revised estimate, the employment figures remain robust.

In contrast, the seasonally adjusted unemployed individuals for December 2023 are estimated to be 77,792, representing the second-lowest figure in the series for the month of December. The number of unemployed increased by 4,834 individuals from the November 2023 revised estimate.

Major industries that exhibited the largest gains for seasonally adjusted jobs over the month include Private Education and Health Services (gained 1,900 jobs), Leisure and Hospitality (gained 900 jobs), and Government (gained 700 jobs).

Over the year, major industries with significant gains in seasonally adjusted jobs include Private Education and Health Services (gained 11,300 jobs), Construction (gained 8,200 jobs), and Government (gained 7,100 jobs).

Among Louisiana’s Metropolitan Statistical Areas (MSAs) in December 2023, seasonally adjusted data highlights employment changes in various regions:

  • Alexandria (63,300 jobs) lost 300 jobs from November 2023 but gained 200 jobs from December 2022.
  • Baton Rouge (427,800 jobs) added 400 jobs from November 2023 and gained 11,200 jobs from December 2022.
  • Hammond (48,800 jobs) added 100 jobs from November 2023 and gained 1,400 jobs from December 2022.
  • Houma (82,000 jobs) added 200 jobs from November 2023 and gained 200 jobs from December 2022.
  • Lafayette (205,100 jobs) added 200 jobs from November 2023 and gained 3,200 jobs from December 2022.
  • Lake Charles (97,900 jobs) added 200 jobs from November 2023 and gained 2,100 jobs from December 2022.
  • Monroe (78,500 jobs) added 300 jobs from November 2023 and gained 900 jobs from December 2022.
  • New Orleans (574,200 jobs) added 800 jobs from November 2023 and gained 11,800 jobs from December 2022.
  • Shreveport (178,500 jobs) added 700 jobs from November 2023 and gained 1,600 jobs from December 2022.

Metropolitan Statistical Area (MSA) and parish unemployment rates for December 2023 will be released on January 30, 2024.

In not seasonally adjusted data, Louisiana’s total nonfarm employment for December 2023 is 1,989,400, showing an increase of 100 jobs from the revised November 2023 estimate. Compared to December 2022, not seasonally adjusted nonfarm employment increased by 36,900 jobs, reflecting over-the-month employment gains in 14 of the last 18 months and 33 consecutive months with an over-the-year gain.

Not seasonally adjusted total private employment for December 2023 is 1,665,100, exhibiting an increase of 600 jobs from the November 2023 revised estimate of 1,664,500 jobs. Compared to December 2022, not seasonally adjusted private sector employment increased by 29,800 jobs, reflecting over

You may also like

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00